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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Investments in Debt Securities

The following table summarizes the amortized cost, fair value, and allowance for credit losses and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held-to-maturity securities:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
			(dollars in thousands; unaudited)
September 30, 2024
Available-for-sale
U.S. Agency collateralized    mortgage obligations			$	40					$	—					$	(2)					$	38					$	—
Total available-for-sale    securities			40						—						(2)						38						—
Held-to-maturity
U.S. Agency residential    mortgage-backed securities			48,582						711						(134)						49,159						—
Total investment securities			$	48,622					$	711					$	(136)					$	49,197					$	—

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
			(dollars in thousands; unaudited)
December 31, 2023
Available-for-sale
U.S. Treasury securities			$	99,996					$	—					$	(535)					$	99,461					$	—
U.S. Agency collateralized    mortgage obligations			45						—						(2)						43						—
Total available-for-sale    securities			100,041						—						(537)						99,504						—
Held-to-maturity
U.S. Agency residential    mortgage-backed securities			50,860						467						(286)						51,041						—
Total investment securities			$	150,901					$	467					$	(823)					$	150,545					$	—

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

			Available-for-Sale												Held-to-Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
			(dollars in thousands; unaudited)
September 30, 2024
U.S. Agency residential mortgage-backed securities and collateralized mortgage obligations			40						38						48,582						49,159
			$	40					$	38					$	48,582					$	49,159

Summary of Investment Securities Continuous Unrealized Loss Position

The following table shows the investments’ gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded:

			Less Than 12 Months												12 Months or Greater												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(dollars in thousands; unaudited)
September 30, 2024
Available-for-sale
U.S. Agency collateralized mortgage obligations			$	—					$	—					$	38					$	2					$	38					$	2
Total available-for-sale securities			—						—						38						2						38						2
Held-to-maturity
U.S. Agency residential mortgage-backed securities			—						—						11,212						134						11,212						134
Total investment securities			$	—					$	—					$	11,250					$	136					$	11,250					$	136

			Less Than 12 Months												12 Months or Greater												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(dollars in thousands; unaudited)
December 31, 2023
Available-for-sale
U.S. Treasury securities			$	—					$	—					$	99,461					$	535					$	99,461					$	535
U.S. Agency collateralized mortgage obligations			—						—						43						2						43						2
Total available-for-sale securities			—						—						99,504						537						99,504						537
Held-to-maturity
U.S. Agency residential mortgage-backed securities			11,236						173						882						113						12,118						286
Total investment securities			$	11,236					$	173					$	100,386					$	650					$	111,622					$	823

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

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